All SMSF's need to revalue their assets at least annually, usually around the 30th of June each year. The following is a summary of the ATO's guidelines for valuing assets.
Summary of Valuation Requirements.

At our recent seminar on estate planning for self-managed super funds I highlighted the importance of the super fund deed when it comes to making sure your estate plan works. I also explained that a person's will has no say in where super fund monies go – the trustees make that decision unless there is a binding death nomination. In a recent court case this was reinforced even more.

The case involved a couple who had split. The wife re-wrote her will and made her daughters the executors of her estate. She also added a clause in her will that excluded her husband from any of her super fund money. The husband and wife remained individual trustees of the super fund and it was still that way when the wife died. The wife did not have a binding death nomination.